Summary
The National Payments Corporation of India (NPCI) partnered with HSBC India to provide real-time foreign exchange settlement for cross-border UPI payments. The collaboration brings real-time FX pricing and greater transparency to international UPI transactions, allowing Indian travelers to see exact INR amounts at the point of purchase when paying abroad via UPI.
Key Facts
- UPI is now live in 9 countries: Singapore, UAE, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar, Cambodia
- HSBC India provides real-time FX rates via direct API integration
- International merchants receive funds in their local currencies
- API-enabled digital infrastructure supports secure, 24x7 cross-border payments
- Enables Indian travelers to make QR-based payments from Indian bank accounts in INR
- Builds on UPI's growing international footprint and India's digital payments leadership
Why It Matters
This partnership addresses a key friction point for international UPI adoption — FX transparency and settlement. By adding real-time FX pricing to the existing UPI international infrastructure, NPCI and HSBC are making it significantly easier for Indian travelers (one of the world's largest outbound travel markets) to use UPI abroad. This could accelerate merchant adoption in tourist destinations and strengthen UPI's position as a global payments rail.